Florida top of fastest-growing luxury real estate markets

Interest from prospective home buyers in Northern states have propelled two Florida counties — Sarasota and Collier — to the top of the nation’s fastest-growing luxury housing markets, according to the May 2018 Luxury Home Index from realtor.com. More information, plus a list of the Top 10 Fastest-Growing Luxury Markets, here. Also read more at Mansion Global, and Live Trading News.

See also:
» Spurred by tax laws, real estate investors in Northeast seek deals in Florida
» South Florida steps into the spotlight

Column: More high-quality private schools would electrify South Florida real estate

In recent years, South Florida has evolved into a global hub for business, art, technology, and luxury real estate. And while the quality of our public and private schools have improved dramatically, I believe that the low quantity of high-performing schools is quietly keeping our region from becoming a top-five player on the international stage. [Source: Miami Herald]

Home flipper Opendoor raises $325M

House flipping company Opendoor has raised a $325 million Series E and plans to expand to 50 markets by 2020, the company said last week. The latest round — far more than the $200 million it was rumored to be raising — was co-led by General Atlantic, Access Technology Ventures, and South Florida-based builder Lennar Corporation. See the company announcement and read more at The Real Deal.

Florida business leaders, tax watchdogs: Keep taxable-value cap for non-homestead properties

Amendment 2 on the Nov. 6 ballot seems innocuous, but there are powerful groups supporting and opposing the proposal to keep a tax break for owners of non-homestead property. Amendment 2 would make permanent a 10 percent cap on annual increases in taxable value on non-homestead properties such as businesses, rental units and second homes. [Source: TCPalm]

South Florida home prices and rents are already expensive. And they could soon get worse.

The tariffs on steel and aluminum imposed against most global markets earlier this year now also apply to Canada and Mexico — two of the biggest suppliers to the U.S. The steel and aluminum tariffs come on top of a nationwide labor shortage and previous tariffs on lumber. The combination is pushing up costs for South Florida home builders and home buyers, and may affect renters as well. [Source: Miami Herald]

ALSO TRENDING:

› Boca Raton firm sells Jacksonville’s largest commercial building for $47.8M [The Real Deal]
A 43-year-old distribution center in Jacksonville with a 74 percent occupancy rate sold for $47.8 million, almost three times the price the previous owner paid. Real Capital Solutions acquired the 1.7 million-square-foot property from Boca Raton-based IP Capital Partners for about $28 per square foot.

› Coral Gables waterfront estate asks record $55 million [Wall Street Journal]
A Coral Gables, Fla. estate is set to go on the market for $55 million. If it sells for that price, the property would set the record for the priciest home ever sold in the city, according to appraiser Jonathan Miller. The record price for a Coral Gables home was set in 2017.

› Seagate continues to expand its presence in Southwest Florida [Naples Daily News]
Since its formation in January 2015, Seagate Development Group LLC has established itself as one of Southwest Florida’s leading developers and builders of commercial and residential properties.

› NABOR economic summit draws 400 Realtors [Florida Weekly]
More than 400 real estate professionals interested in the economic health of Collier County attended the Naples Area Board of Realtors 2018 Economic Summit at Hilton Naples last month.